Following the sudden collapse of FTX, prominent cryptocurrency exchanges have continued to publish proof of their reserves to provide more transparency into their crypto holdings.

Interestingly, most crypto exchanges that have published their proof of reserves hold a significant amount of Shiba Inu (SHIB), a digital asset built on the Ethereum blockchain and inspired by the meme token, Dogecoin.

As reported by TheCryptoBasic, Shiba Inu accounts for nearly 20% of the CryptoCom reserve worth $2.88 billion. Similarly, Binance also disclosed that it holds 87T units of Shiba Inu tokens in its reserve.

Popular cryptocurrency exchange KuCoin has also published details of its proof of reserve to provide transparency into the trading platform’s holding. In a recent CoinMarketCap report, KuCoin’s reserve shows that the leading cryptocurrency exchange holds a total of 4,438,701,419,929 (4.43T) SHIB in four wallet addresses. At the current exchange rate, KuCoin’s SHIB holdings are worth $41.10M.

Aside from KuCoin, Binance, and Crypto.com, Huobi is another cryptocurrency exchange with a significant amount of Shiba Inu tokens in its reserve. Per CoinMarketCap data, Huobi holds 1,853,296,059,759 (1.85T) units of SHIB in its reserve worth $17.16 million at the current exchange rate.

Similarly, Bybit is among the top cryptocurrency exchanges holding a significant amount of Shiba Inu tokens as a reserve. According to CMC data, the leading cryptocurrency exchange holds its SHIB reserve in two wallets totaling 366,688,330,690.01 (366.68B) tokens. At press time, Bybit’s SHIB reserve is worth $3.39 million. 

(By Lele Jima)